Social Security Tax Rate Increase
The two percent employee FICA Social Security tax cut provided in the Tax Relief Act of 2010 expired December 31, 2012. As a result the employee FICA Social Security tax rate will be restored to 6.2%, effective January 1, 2013. This increase will be reflected on the January 7, 2013 paycheck.
Federal Income Tax Withholding Rate Table
Due to uncertainty at the federal level, at this time no changes have been made to the federal income tax withholding tables for 2013 based on changing income tax rates. The tables may change at a later date. The University is required to implement changed tax tables by the timeframe outlined in regulations and therefore, employees may see a difference in the amount of federal income tax withheld from 2013 paychecks at a later date.
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